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Tuesday, July 24, 2012

Nothing should be done now . Indicators are moving towards the oversold zone. According to some analyst US 10 year treasuries are going to bottom around August 1st -2nd week. And then we could be seeing some good rally. Before that a good correction is expected in S&P index .

Looking at the Nifty chart we see that ATR has gone down a lot , and now just bounced from a level seen in July 2010. I expect it to go lower than that find support at August 2010 low levels.
And after that I expect the ATR to rise , and so explosive moves can be seen.

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"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."